Sending money for DVC

[Merryweather17]

What is the best way to transfer funds for buying DVC, banks seem to offer very poor exchange rates and the title company are not very helpful. Do you recommend any other ways of sending the funds or should I just grin and bear the $1.24 exchange rate of the bank? The routing number and swift code are somewhat overwhelming

TIA

[Dr.JumbaJookiba]

Originally Posted by Merryweather17

What is the best way to transfer funds for buying DVC, banks seem to offer very poor exchange rates and the title company are not very helpful. Do you recommend any other ways of sending the funds or should I just grin and bear the $1.24 exchange rate of the bank? The routing number and swift code are somewhat overwhelming

TIA

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I've just opened an account at Currencies Direct and got £1/$1.30 to pay for my new SS contract.

They were recommended by MSE and are authorised by the FCA. This means they keep your funds ringfenced.

[loola30]

I used Currencies Direct. Granted they did muck up my payment and didn’t send it as a wire transfer as repeatedly requested, but they sorted it out very quickly and the rate was good. I also had a one-to-one account manager who talked me through the process 👍

[Dr.JumbaJookiba]

Originally Posted by loola30

I used Currencies Direct. Granted they did muck up my payment and didn’t send it as a wire transfer as repeatedly requested, but they sorted it out very quickly and the rate was good. I also had a one-to-one account manager who talked me through the process 👍

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Hopefully they are being more pro active about wire transfers, I had a call from my account manager about it because she recognised the title company I had set up as a beneficiary. They changed the settings for me so when I'm ready it should go automatically as a wire.

My funds are in the online wallet waiting for the closure paperwork.

[loola30]

Originally Posted by Dr.JumbaJookiba

Hopefully they are being more pro active about wire transfers, I had a call from my account manager about it because she recognised the title company I had set up as a beneficiary. They changed the settings for me so when I'm ready it should go automatically as a wire.

My funds are in the online wallet waiting for the closure paperwork.

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I was told / did all the same things but it still wasn’t sent as a wire transfer when it came to it. Not that I’m saying that would happen to you too but worth being aware 👍 My account manager was Grace and my title company TRCS.

[Merryweather17]

Do they automatically allocate you an account manager or is this just whoever picks up the phone if you call? Was it easy to sort out the wire transfer issue? I am not sure the title company is that great and so am trying to pre-empt any issues.

[vegboatride]

I used XE it was very simple and straightforward and I got a good rate 1.30 which was higher then any bank was offering.

[Merryweather17]

Originally Posted by vegboatride

I used XE it was very simple and straightforward and I got a good rate 1.30 which was higher then any bank was offering.

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were they able to send it as a wire transfer? this is something the company are very keen to stress.

[loola30]

Originally Posted by Merryweather17

Do they automatically allocate you an account manager or is this just whoever picks up the phone if you call? Was it easy to sort out the wire transfer issue? I am not sure the title company is that great and so am trying to pre-empt any issues.

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It was sorted in minutes and only delayed my purchase by 24-48 hrs max. I accept there can be mistakes in any business but will still recommend them as they did sort it very quickly. When I opened the account I had a phone call and they automatically became my account manager. I also had a direct email to her and she was very prompt to answer queries from me.

The main issue through all of this was just finding somewhere that did wire transfers. I think the other option I found was XE.com.

[tigger48]

OP we used XE last year to wire transfer funds to MVT.
We have just found out that we’ve passed ROFR today on our 3rd attempt since August! I think we’ll be looking to use XE again in the near future 😆 especially since they have the correct payment details set up now.
I hadn’t heard of currencies direct before so might look into that too as an alternative.